Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Mecanica Vaslui (Vaslui, Nord-Est region) a manufacturer of mechanical clutches and hydraulic couplings, was closed down following bankruptcy proceedings declared by the Court of Law Vaslui. Bankruptcy procedures were initiated at the request of the Public Finance Administration (Administraţia Finanţelor Publice, AFP) in Vaslui, for the purpose of recovering its dues. Mecanica Vaslui has 8 years' state-budget tax arrears. The trade union leader declared that ‘Employees have gone home with the hope that they will be coming back to work once the company is taken over by another investor.' If the company cannot be sold, employees hope to be allowed to rent the production facility for themselves. They have already made a request in this sense to the official receivers and declared that the prospects are bright.
To show its support to redundant employees, the County Employment Agency (Agenţia Judeţeană pentru Ocuparea Forţei de Muncă, AJOFM) opened an office on company premises to attend to the unemployment files of the 400 employees who have lost their job.
Eurofound (2005), Mecanica Vaslui, Bankruptcy in Romania, factsheet number 61839, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/61839.
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